Lost construction agreement
ram
(Querist) 24 October 2018
This query is : Resolved
Hello,
I have property which I bought around 2013. I have home loan, with leading bank. I wanted a copy construction agreement. To my shock bank claims it does not have my construction agreement and they are asking to submit now.
Since the bank and builder had understanding and loan was sanctioned and disbursed, I was in impression that builder submitted the document to bank. Construction agreement is not registered in any registration office.
If the document is misplaced what is the legal process involved in getting construction agreement. Since I wanted to sell this property i wanted the title to be clear.
Isaac Gabriel
(Expert) 24 October 2018
The banker is concerned for the loan amount and he is not expected to collect the estmates, Plan etc.,Of course it could have been colected for the grant of loan, but it could not be passed on or given which is the documemnt required for sanction o f loan.
ram
(Querist) 24 October 2018
Sir,
Thank you for clarification. They have sanctioned loan as well, but messed up the document some where. But they are denial mode, Please suggest the steps if they are not agreeing.
Dr J C Vashista
(Expert) 25 October 2018
Have you obtained a receipt qua documents deposited with the bank at the time of obtaining loan ? If so, bank is liable to produce / bear expenses for obtaining "duplicate" copy. Otherwise, obtain copy from builder or any other vendee (purchaser) of his/her flat.
M V Gupta
(Expert) 25 October 2018
Dear Mr. Ram. you are referring "construction agreement". Generally flat purchasers execute agreement for sale, which is required to be registered. The builder will be having copy of the agreement with him.Further the bank could not have sanctioned loan to you without pledging the original Agreement for sale. If you are having details of the registration of the agreement you can apply to the Sub Registrar of assurances for certified copy and use it for selling the flat.
Dear Mr. Ram. Generally the flat purchasers execute agreement for sale which is required to be registered. Further the bank could not have sanctioned loan without pledging the AFS as security.
